The Interest On Letter Of Credit document is essential in international trade finance transactions under Singapore law. It is used when parties need to establish clear terms for interest charges on Letters of Credit, typically in trade financing scenarios. The document addresses interest rates, calculation methods, payment schedules, and default provisions, ensuring compliance with Singapore's banking regulations and international banking practices. This agreement is particularly important for managing financing costs in international trade transactions and provides legal certainty for all parties involved.
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1. Letter of Credit Reference: Details of the original Letter of Credit including reference number, date of issuance, and parties involved
2. Interest Rate Specification: Clear statement of the applicable interest rate, basis of calculation, and any reference rates used
3. Interest Period: Definition of the interest calculation period, including start date and end date
4. Payment Terms: Detailed terms regarding interest payment frequency, payment method, and account details
5. Currency Specifications: Specification of the currency for interest calculation and payment, including any applicable exchange rate provisions
1. Default Interest: Additional interest rate and terms applicable in case of payment default
2. Security Provisions: Additional security arrangements and collateral requirements
3. Force Majeure: Provisions for circumstances beyond the control of the parties that may affect interest payments
4. Early Termination: Conditions and procedures for early termination of the interest arrangement
1. Schedule 1 - Interest Calculation Methodology: Detailed breakdown of interest calculation method, including examples and formulas
2. Schedule 2 - Payment Schedule: Timeline of expected interest payments with specific dates and amounts
3. Appendix A - Original Letter of Credit: Copy of the referenced Letter of Credit document
4. Appendix B - Bank Account Details: Specific banking details for interest payments
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